Muscat – Decypha: Oman’s non-oil exports have shown a sharp decline in 2016, recording RO2.79 billion in total during the period from January to November 2016, falling by 19.6% in comparison to the previous year, reported Oman Daily.
The decline was expected due to the economic slowdown in the region.
According to the figures released by the Omani’ National Centre for Statistics and Information (NCSI), the slowdown was witnessed across all all product categories of non-oil exports in 2016.
Similarly, Non-oil exports to neighbouring GCC countries have also declined in 2016. Figures shared include a decline of 14.2% in exports of chemical products, 14.1% decline in exports of mineral products, 22.4% decrease in exports of base metals, while plastic exports have decreased by more than 50%.
Exports of electrical machinery and its spare parts have reportedly dropped as well by 23.3% during the first 11 months of 2016.
On the other hand, Oman’s total non-oil imports have also declined as well by 19.3% during the same period, with only the food and beverage category showing an increase of 1.7% in imports.
By Decypha News Editorial Team
